Developer Satya has broken ground on a 350,000-square-foot Hyatt hotel in Houston’s Texas Medical Center, marking the first project for the hospitality brand in the world’s largest medical complex.
The 14-story dual-branded property, located in a Qualified Opportunity Zone at the corner of Old Spanish Trail and Fannin Street, will house a 159-key Hyatt Place and a 139-key Hyatt House. Once completed, the project will mark the first dual-branded Hyatt property in Houston to be housed in one contiguous tower.
READ ALSO: When Will Convention and Group Travel Demand Return
The hotel is rising within the sprawling Texas Medical Center, a 2.1-square-mile neighborhood with more than 60 medical institutions, about 7 miles south of downtown. Houston-based real estate consulting firm Satya is the owner and developer behind the property, which is slated to be completed in 2022.
Within the new project, guestrooms will offer in-room kitchens and living rooms, a 24-hour hotel dining area, a full-service restaurant and lobby café, two bars and a parking garage with more than 300 spaces. A seventh-floor amenity deck will offer 3,500 square feet of meeting space, an outdoor swimming pool, a fitness center and a guest laundry room.
Satya CEO Sunny Bathija said in prepared remarks that his firm looked forward to opening a “much-needed” extended-stay option for travelers from around the world. The Texas Medical Center has 10 million patient encounters annually and is the eighth-largest business district in the U.S., according to TMC.
Along with owner and developer Satya, the project team includes architect G2, project consultants HarDam Hotels and The Mathis Group, contractor E.E. Reed Construction and IBC Bank, which provided financing.
The milestone comes amid a turbulent time for the hospitality sector. A recent industry survey found that developers were cautious to take on new projects due to the impact of the COVID-19 pandemic on hotels. According to the U.S. Hotel Development Cost Survey 2020, the pandemic-related challenges to the industry have come after a record year for U.S. hotel development in 2019, when the industry had the highest occupancy and ADR ever recorded.
"hotel" - Google News
November 04, 2020 at 06:02PM
https://ift.tt/38bscuI
Construction Launches on Houston Hyatt Hotel - Commercial Property Executive
"hotel" - Google News
https://ift.tt/3aTFdGH
https://ift.tt/2xwvOre
Bagikan Berita Ini
0 Response to "Construction Launches on Houston Hyatt Hotel - Commercial Property Executive"
Post a Comment